Hello ! As you know I want to buy a multi family property but since I’m an immigrant I don’t have credit or social security number, luckily I found the women of my dreams and we are getting married pretty soon, I just want to know what’s the next step ? What do I need to do in order to purchase a multi family property to live in and rent out the other units to help pay mortgage and hopefully get some cashflow, Also how do I know if it’s a good deal or not ? Thank you ! Have a nice day !
Congrats on you marriage! I recently did the same and know it can be an exiting rime of life.
Next step is talk to your wife. Buying a multifamily can be a very large burden even with 3.5% down and you want to make sure to be in the same page for such an important decision. If you do not have paperwork she is going to be the only allowed in the mortgage and even more important for her to know if this is a good step.
After you clear that step tell her to get pre approved to se how much money you can get. After that it depends a lot on what strategy to use but in order to figure out if a deal is good or not you can use the biggerpockets calculators. Also remember if they are a bad deal try to think of ways of making it better.
Good luck and hope that helps!
Thank you ! Is there a way we can get the mortgage together ? So it can be easier to get a loan ?
You need to have something that proves you have and will continue to have a job. It depends a lot in the underwriter but this could mean either: SSN, Green Card, H1B or EAD. Ask different loan officers I’m sure they Will tell you different things. I had one that told me a loan would never go through without green card but we had our loan cleared with an EAD